Income in the form of goods and services is
A) known as money income.
B) known as income in kind.
C) not considered income by economists.
D) not part of wealth.
Answer: B
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Arguments against the balanced budget amendment include which of the following?
A) A balanced budget amendment would increase capital formation. B) A balanced budget amendment would exert fiscal discipline on the federal government. C) A balanced budget amendment would limit Congress' ability to use fiscal policy during a recession. D) A balanced budget amendment would reduce the taxation burden on future generations.
Which is the true statement?
A) A society does not need an authoritative central plan to generate order and cooperation. B) A society will fall into social chaos without an authoritative central plan. C) An economic system can last only if guided by a central economic plan. D) Both B and C are true.
What makes a tax "efficient"? Describe the efficiency properties of a lump sum tax
Under what conditions might a regular unit tax approximate a lump-sum tax? List one trade-off facing policymakers in attempting to minimized the excess burden of taxation.
________ is (are) used to distinguish between high and low quality and help correct the adverse selection problem.
A. Market signals B. Moral hazard C. Payoffs D. Asymmetric information